The blockchain-based solution builds on DBS Bank’s participation in Project Orchid, an effort by the Monetary Authority of Singapore to test the benefits of tokenization.
Singapore’s DBS Bank launched a solution that uses blockchain technology to streamline the disbursement of government grants.
DBS Bank announced that in the pilot, it collaborated with Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry of the Government of Singapore and the Singapore Fintech Association (SFA), which promotes financial technology in the country.
During the pilot, the SFA disbursed government grants to 27 members. DBS said that its pilot showed how blockchain-based programmable grants can improve efficiency, enhance governance and allow businesses to have faster access to government grants.
